Is your business insurance ready for the new year?

The calendar year is winding down. Like most agents, you’re no doubt looking forward to a break over Christmas and New Year’s. But just because you’re hitting pause on work doesn’t mean your business risks are, too.

Protecting your real estate business is a year-round job. Before you switch off for the silly season, you may want to make sure your business insurance is ready for 2024.

Avoiding underinsurance

Do you still have the same insurance policies you purchased as a new agent?

Perhaps the same level of cover? If yes, there’s a good chance you could be underinsured.

Underinsurance occurs when you do not have adequate levels of insurance to fully cover you when you make a claim.

Underinsured real estate agents can easily find themselves thousands of dollars out of pocket at claim time.

This could be devastating to your business and real estate career.

Regularly reviewing your insurance policies can help you identify potential insurance gaps, especially with today’s increase in the cost of living due to inflation.

You may need to adjust your current cover or consider other types of insurance to ensure that you are properly protected.

Contents Vs theft insurance

Real estate agents store valuable items in their business premises, like laptops and marketing materials.

You may want to consider protecting these items, if you’re not already, but do you know the difference between Contents and Theft insurance?

Replacing business items lost to fire, storms, and other events can be expensive.

Contents* insurance—an option with many Business Insurance Packs*—covers you for damage to your contents due to fire and other perils listed within the policy wording.

But what if someone breaks into your office?

You might also consider adding Theft* cover to your Business Insurance Pack to cover you against loss of contents and stock as well as damage to your business premises, as a result of theft or attempted theft involving forcible or violent entry from your business premises.

This cover may be particularly useful during the summer when you may be away from your offices for an extended period. 

Creating a cyberattack safety net

How prepared is your agency for a cyberattack? With as many as 62 per cent of Australian small businesses experiencing a cyber security incident1, your business may be at risk.

Real estate agents are prime targets for cybercriminals. The personal data you collect and store from clients—like identification documents, addresses, and payment details—is valuable on the dark web. You also facilitate high-value transactions, which can be used to initiate fraud.

Cyber Liability* insurance covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach. Most policies also have 24-hour incident response services operating 7 days a week that help contain cyberattacks and breaches so you can get back to work faster.

Give yourself the gift of insurance.

Why wait until the new year? Start protecting your real estate agency today with BizCover.

1. ACSC, Cyber Security and Australian Small Businesses

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.

†Savings made in April 2023.This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.

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